A unit of the Dusseldorf, Germany-based insurance company invited 100 of its top performers to enjoy 20 pre-paid prostitutes at a party in Budapest, Hungary in 2007.

The company later bragged about the party in their magazine, HMI Profil. It was "killer fun," the magazine wrote, according to Der Speigel's translation.

Today's report in the Handelsblatt paper says that the party was in a one of Budapests baths, which are customarily open to the public and frequented by tourists. But while the Munich Re party took place, the bath shut its doors to normal customers.

Good thing. Someone who was there told the paper that the scene looked like this: "Between the two thermal springs a stage had been built on which two prostitutes and a man who claimed to be a pimp were pleasuring each other."

The paper also says that the prostitutes were color-coded based on who was available for sex favors.

The top 5 performers, who were referred to internally as the "Top 5 Members," got the best deal: access to prostitutes with white bracelets AND yellow bracelets.

YELLOW bracelet = I'm available for sexual favors

WHITE bracelet = Sorry! Senior execs already called dibs on me

RED bracelet = I'm a hostess

The execs would take the women to curtained canopy beds where they would do whatever they wanted. The women were also stamped each time they were "used," so that the execs could tell how many of his co-workers got to her first.

Handelsblatt got all the details from someone who acted as somewhat of a doorman at the party ("Everyone involved knew that this was whores," according to him/her), some guests, and a spokesman for the company, who is being remarkably forth-coming about the scandalous party.

"It is true that there was in June 2007, an incentive trip to Budapest," Alexander Becker, the Head of Media Relations of the Ergo Insurance Group AG, told Handelsblatt. "Our research has shown that an evening event during this trip about 20 prostitutes were present."

"We're now examining other events at HMI," he said. "According to our current knowledge this was an isolated incident."

The party is "a serious violation of applicable rules of the organization" and will not be tolerated, the company said in a statement. "The responsible manager and responsible member of the board are not working for us."